After the fall, MPI may move up to new high

The Falling Wedge on weekly chart is becoming narrower and anytime soon price may break from the resistance line going upward with possible initial target at 4.875 where the Kijun Sen line is moving horizontally. Looking at the longer term, MPI may surpass its 52-week high of 6.33 and challenge the 7.0 level but of course it won’t go up in a straight line but as long as the indicators are intact, price will continue to rise to hit the target.

With RSI or Relative Strength Index on weekly chart still low, there is a lot of room for the buying spree to happen.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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